New York, USA, March 23, 2022 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global interventional oncology market is envisioned to generate a revenue of $3,313.5 million and rise at a CAGR of 6.7% over the forecast period from 2021 to 2028.
As per our analysts, with the rising number of death rates caused due to cancer in low and middle-income economies, the market is predicted to witness remarkable growth during the analysis timeframe. Besides, the unattainable treatment options and late-stage diagnosis are some major factors expected to bolster the growth of the interventional oncology market during the forecast period. Moreover, the growing expansion of healthcare establishments across the Asia-Pacific region is expected to propel the growth of the market during the estimated timeframe. However, the lack of awareness of interventional oncology across low or middle-income countries may impede the growth of the market throughout the estimated period.
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Segments of the Interventional Oncology Market
The report has been divided the interventional oncology market into segments based on product type, cancer type, end-user, and region.
Product Type: Embolization Devices Sub-Segment to be Most Productive
The embolization devices sub-segment is predicted to generate a revenue of $2,165.6 million during the forecast period. This is mainly due to its usage in the treatment of various forms of cancer which is having a large tumor size. Further, the increasing use of embolization devices in palliative procedures is expected to fortify the growth of the interventional oncology market sub-segment during the analysis timeframe.
Cancer Type: Liver Cancer Sub-Segment to be Most Beneficial
The liver cancer sub-segment is estimated to garner $1,027.6 million and is projected to see steady growth during the estimated period. This is mainly because of the importance of interventional oncology in treating liver tumors and keeping healthy liver. Moreover, the increasing research and development activities in improving liver cancer therapies by utilizing interventional oncology are expected to bolster the growth of the market sub-segment over the forecast period.
End-User: Hospitals Sub-Segment to be Most Lucrative
The hospital sub-segment is expected to garner a revenue of $2,278.4 million during the analysis timeframe. The increasing adoption of advanced interventional oncology devices and improvement of healthcare infrastructure is predicted to fuel the growth of the market sub-segment during the forecast time period.
Region: North America Region to Have Capacious Growth Opportunities
The North America region interventional oncology market is expected to generate a revenue of $1,434.7 million throughout the analysis timeframe. This is mainly because of the adoption of multiple strategies by the leading players of this region to enhance the growth of the market. Furthermore, the rising cancer-related healthcare expenditure and the increasing need for state-of-the-art cancer care options are the factors expected to drive the regional growth of the market during the forecast period.
Covid-19 Impact on the Interventional Oncology Market
With the emergence of the novel coronavirus, the interventional oncology market has had a negative impact on its growth rate, likewise various other industries. To check the spread of the deadly virus and to fight its severity, many hospitals, and clinic centers have transformed their operating theaters into ICUs. This led to the downfall of the market during the period of crisis. However, the innovative initiatives taken by the leading players to develop a new category of interventional oncology robotics to perform the surgery of the tumors have enhanced the growth of the market post-pandemic.
Key Players of the Interventional Oncology Market
The major players of the interventional oncology market include
- Merit Medical
- J&J
- BD
- Terumo
- AngioDynamics
- Cook Medical
- Medtronic
- HealthTronics
- Boston Scientific, and many more.
These players are working on the development of new business strategies to achieve a leading position in the global industry. - Inquire & Get Access to the Development Countires Strategy Report
For instance, in July 2021, Terumo, a leading provider of clinical services and products across countries, has announced its partnership with UMCU, a leading Michigan-based renowned non-profit financial corporation. With this partnership, the companies are aiming to enhance product development and to provide better facilities to cancer patients, and promote their treatment procedures all across the globe.
Further, the report also presents other critical aspects including product portfolio, SWOT analysis, the financial performance of the key players, and the latest strategic developments.
Related Top Article Links:
- Collaborations Like that of MEDX Xelerator with West Pharmaceutical Services to Drive the Interventional Oncology Market Growth
- Interventional Oncology: The 4th Pillar of Modern Oncology
- The Global Interventional Oncology Market Anticipated To Register A Revenue Of $3,313.5 Million, Growing At A CAGR Of 6.7% From 2021 To 2028
